India’s exports to the UAE are likely to exceed USD 50 billion by 2026-27, up from USD 31.3 billion now, thanks to the countries’ free trade deal, a top government official said on Monday.
Trade between India and the UAE has increased dramatically since the trade agreement’s implementation on May 1 of last year, according to Commerce Secretary Sunil Barthwal.
“We are hoping that we would be able to reach USD 50 billion exports by 2026-27,” Barthwal said to reporte.
The Comprehensive Economic Partnership Agreement (CEPA) between India and the UAE, which was signed on February 18, 2022, became effective on May 1 of that year.
In 2022–2023, India’s exports to the UAE increased by 11.8% to USD 31.3 billion, while its imports increased by 18.8% to USD 53.2 billion.
The trade deal, according to P Aqeel Ahmed, a former head of the Council for Leather Exports, is the “most effective which we have seen in recent times.”
Also, read: NZ: Western Media’s Propaganda About Minorities’ Persecution In India Is Baseless, Say Leaders Of Indian Minority Communities
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